'The Future of Marine Renewables in the UK (HC 1624)' reports that the UK could become a leading exporter of wave and tidal power equipment and expertise, if the Government adopts a more visionary approach to developing marine renewables.

Technologies that can harness the power of the sea to generate electricity are still in their infancy. But with the largest wave and tidal resources in Europe, up to 20% of the UK's electricity could eventually come from this reliable and predictable low-carbon source.

Developing a thriving wave and tidal industry could also bring economic benefits to the UK. Companies based here could export equipment and components for marine devices to other markets, and also provide specialist skills and expertise, such as offshore surveying.

The UK is currently the world leader in the development of wave and tidal energy technologies. Of the eight full-scale prototype devices installed worldwide, seven are in the UK. But, as was the case with wind turbines, there is a danger that an overly cautious approach to developing this sector may allow other less risk-averse countries to steal the UK's lead.

The Report identifies a number of crucial areas for development of the marine renewables industry:

investor confidence;

policy certainty;

public-private risk sharing;

improved grid connections; and

a workforce with the necessary engineering skills.

The UK needs a strong political vision to boost confidence and drive the pace of development in order to reap the rewards of a successful wave and tidal power industry.